Medtronic plc (NYSE:MDT) Shares Bought by Morton Community Bank

Morton Community Bank grew its holdings in shares of Medtronic plc (NYSE:MDT) by 6.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,291 shares of the medical technology company’s stock after purchasing an additional 2,001 shares during the period. Morton Community Bank’s holdings in Medtronic were worth $2,778,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. LifeSteps Financial Inc. bought a new position in shares of Medtronic in the first quarter valued at $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the second quarter valued at $28,000. Tributary Capital Management LLC acquired a new position in shares of Medtronic in the 1st quarter valued at $33,000. Fortis Group Advisors LLC increased its stake in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares in the last quarter. Finally, Riverview Trust Co acquired a new stake in Medtronic during the 1st quarter worth about $39,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

MDT traded up $0.50 during trading on Friday, hitting $89.89. 7,116,627 shares of the stock traded hands, compared to its average volume of 6,304,211. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a market cap of $115.26 billion, a price-to-earnings ratio of 32.69, a PEG ratio of 2.52 and a beta of 0.84. The business has a 50 day moving average price of $82.29 and a 200 day moving average price of $82.60.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the company earned $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Robert W. Baird upped their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. The Goldman Sachs Group started coverage on Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.